Thule shares eyeing worst day ever on weak margin, CEO departure
10/02/2023 09:23
** Shares in Thule THULE.ST fall 16% after the outdoor
leisure equipment maker posted slightly weaker-than-expected
results for Q4
** Despite slightly better-than-expected sales at SEK 1,651
mln ($159.84 mln), EBIT margin (0.2%) was weaker than expected,
Kepler Chevreux ("hold") says
** Jefferies ("hold") notes it pays more attention to
management's outlook on the bike industry's rebound, since Thule
had been transparent about challenges and their effect on the
group's performance
** Nevertheless, Jefferies analyst Adela Dashian says,
results were weaker than expected, adding that Thursday's
announcement of the departure of current CEO, Magnus Welander,
was also unexpected
** Thule, on track for its worst day ever, is the biggest
loser on the pan-European STOXX 600 index .STOXX
($1 = 10.3294 Swedish crowns)
(Reporting by Louise Breusch Rasmussen)
((Louisebreusch.rasmussen@tr.com))